The global electric guitars market was valued at USD 4,492.7 million in 2022 and is projected to reach USD 7,621.1 million by 2030, expanding at a CAGR of 6.8% from 2023 to 2030. Market growth is largely driven by increasing enthusiasm for music among millennials and younger consumers, alongside growing participation in music creation, performance, and learning.
The rising number of live concerts and music festivals, coupled with the increasing commercialization of these events, has significantly boosted demand for musical instruments, particularly electric guitars. Although the COVID-19 pandemic negatively impacted the market due to supply chain disruptions and lockdown measures across multiple countries, the industry has demonstrated a steady recovery supported by renewed consumer interest and the reopening of live entertainment venues.
Regions such as North America and the Middle East present substantial growth opportunities, supported by the expansion of online retail platforms that improve product accessibility. Additionally, government initiatives aimed at economic diversification have fueled investments in commercial music schools and educational institutions. For example, in February 2020, the Berklee College of Music established a campus in Dubai, UAE, highlighting favorable conditions for the expansion of music education and related industries.
Key Market Trends & Insights
- Asia Pacific accounted for the largest revenue share of over 35.0% in 2022.
- By product, solid-body electric guitars dominated the market, capturing over 65.0% of revenue in 2022.
- By distribution channel, the offline segment held the largest share, accounting for over 70.0% of revenue in 2022.
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Market Size & Forecast
- 2022 Market Size: USD 4,492.7 Million
- 2030 Projected Market Size: USD 7,621.1 Million
- CAGR (2023–2030): 6.8%
- Largest Market (2022): Asia Pacific
Competitive Landscape
The electric guitars market is highly competitive, with the presence of several globally established manufacturers and distributors possessing extensive customer bases and strong distribution networks. Leading players exert significant influence on the market due to their global reach and the adoption of diverse growth strategies, including product launches, mergers and acquisitions, geographic expansion, partnerships, collaborations, and distribution channel optimization.
Notable recent developments include:
- July 2023: Fender Musical Instruments Corporation (FMIC) announced the launch of multiple new models across its wholly owned and licensed brands, including Jackson, Gretsch Guitars, EVH, and Charvel. These releases continue the brands’ legacy of high-quality craftsmanship, tone, and performance, addressing evolving musician preferences.
- June 2023: PRS Guitars, in collaboration with John Mayer, introduced product updates featuring a new maple fretboard option and a new color variant for the rosewood-equipped model. This marked the first color refresh for the rosewood version since its initial launch in January 2022.
Prominent Companies
- Gibson Brands, Inc.
- Fender Musical Instruments Corporation
- Karl Höfner GmbH & Co. KG
- Ibanez Guitars
- Yamaha Corporation
- The ESP Guitar Company
- Cort Guitars
- Michael Kelly Guitar Co.
- DEAN GUITARS
- Epiphone
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Conclusion
The electric guitars market is expected to witness sustained growth through 2030, supported by rising interest in music education, live performances, and digital content creation. Continued product innovation, expansion of online retail channels, and investments in music education infrastructure will play a key role in shaping the market’s future trajectory.
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